PT Megapolitan Developments Tbk (EMDE) has converted its subsidiary's debt, namely PT Tirta Persada Development, worth Rp52.80 billion into additional equity participation.

The company's management said that the debt conversion was completed on January 7, 2021. The company converted the subsidiary's debts amounting to Rp52.80 billion into additional capital 

"The conversion of debt to capital has an impact on the increase in the company's share ownership percentage from 99.75 percent to 99.892 percent in PT Tirta Persada Development," said the company's management in an information disclosure to the Indonesia Stock Exchange.

Meanwhile, as of September 30, 2020, the company recorded a loss attributable to owners of the parent company of Rp51.34 billion, reversing from a net profit of Rp4.46 billion in the period in 2019.

The company recorded Rp63.73 billion sales, down 51.89 percent from Rp.132.48 billion in the same period in 2019.

The company's cost of goods sold also decreased by around 26.87 percent to Rp38.48 billion, compared to the same period in 2019 of Rp52.62 billion. Thus, the gross profit earned was Rp25.24 billion, plunged 68.39 percent from the same period the previous year of Rp79.86 billion.

As of September 30, 2020, the company's total assets were recorded at Rp2.20 trillion, up 2.80 percent from December 31, 2019, valued at Rp2.14 trillion. Meanwhile, total liabilities amounted to Rp1.48 trillion, up 8.02 percent from the original Rp1.37 trillion, and total equity fell 6.67 percent to Rp720.69 billion from the previous Rp772.23 billion.